The Danger Lurking In Your 401k Plan That Could Derail Your Financial Future with Josh Robbins

Bulletproof Dental Practice Podcast Episode 23 Hosts: Dr. Peter Boulden & Dr. Craig Spodak Guest: Josh Robbins / America's Best 401k Key Takeaways: The 401k is a massive liability for any business owner. As the business owner, you are in charge of setting up the account for the sole benefit for your employee. The providers of 401k are broken. There are too many so you need to choose the right one for your team. There are many funds within a 401k plan. You need to know what and why it is being offered and what fees are being charged. The best scenario is a level playing field where there are no middlemen and you get access to all funds regardless of how big your plan is. You can hire a fiduciary to handle your 401k liability for your employees. Investigate the fees being charged to your 401k plan. Most can be cut off. Dentists are easy prey for 401k brokers because of several factors: high income, recession proof, want to look out for their teams, etc. Brokers don’t earn from startup 401k plans so they give a different kind of plan that will earn them a lot. You can save on these fees by going to a fiduciary company. The earlier you start your 401k plan, the better – you’ll save more for less equity / contributions. Auto-escalate your contributions to your 401k fund. Resources Mentioned: www.freetonybook.com - Unshakeable by Tony Robbins Tweetables: “The 401K is a good thing. You just need to have the right one.” - Josh Robbins